The Top 3 Things That Will Stall Your Loan...

I recently contacted our top 5 mortgage loan investors.

These are the companies I feel can provide you with the most favorable loan options in today's market.

I asked each of them: where are borrowers having the most significant challenges when getting their loans approved and closing on time in today’s market. 

Here’s what they shared:

1. Income- borrowers either don’t report all of the income accurately and or disclose all income sources. 
2. Occupancy- The home is investment occupancy, and they state it’s a second home.
3. Credit- If your scores are low, the lender may require you to have a certain amount of money left over after your down payment and closing costs. 

Here’s are my thoughts so when you go through your loan process, whether you are purchasing or refinancing:

1. Never depend on a lender to figure out your income. Always fully explain all of your earnings, how often you earn it, share all of your income sources, and for how long you’ve been receiving the income. 
2. Always share with your mortgage professional your purpose for purchasing the home. If it’s a second home, make sure you can prove it’s a second home.  If it’s an investment property, indicate so upfront. 
3. If your credit scores are low, ask your lender if you will be required to have six months of reserves? If yes, how many months' worth of mortgage payments are needed after your down payment and closing costs. 

My name is Edgar DeJesus. I’m the mortgage advisor and branch manager of Treasure Coast Home Loans. 

Today’s market requires you to have a skilled negotiator and consultant, like me, helping you and the people you care about right now.

Call or text, (772) 444-6362, with any questions that will let me separate opinion from opportunity. 

Thank you for taking the time to read my latest real estate and mortgage report.

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